Love it.Wonder if he will attend an HNZ AGM.?
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About the share lock-up agreement.
Imagine yourself to be an Aussie banker sitting in your plush office in Melbourne. You have a problem. You have been trying to grow your customer base at your subsidiary across the ditch by spending megabucks on advertising. The trouble is all your fellow Ocker Banker mates are doing the same, so all you are doing is churning customers.
You think, why not simply buy these customers by making a cash bid for a struggling small bank with a tidy number of customers and a sinking share price.
Boop boop de do
Marilyn
Odd... he was selling his own indirect holdings via Pyne Holdings and can be presumed to be still selling (now below 5%), so may well be him pushing the price down... while saying it is badly performing and speculation he might have something to do with a lock-up to stop others getting it...
Such cynicism in one so young.
Seriously - wouldn't you just be buying customers who, by their actions, have shown that they don't want a relationship with an Aussie bank ? And who have already voted with their feet.
Or customers who have already been rejected by the Aussie banks ?
I don't think it's a defensive move at all - the lock-up agreement specifically gives Tomlinson the right to sell into a full takeover - end of story. And anyway, such moves are illegal if my memory is correct (frustration of T/O?)
If you accept that Tomlinson was fitted into doing the underwrite, and I am led to believe thats correct (sweet talking Georgie Porgie says no chance of you being called upon old son, the mugs will all take up their rights, and if you are called, leave the arrangement of the funding to me), then its got to the point where Tomlinson wants out and to cut his losses (see last weeks curious SSH, where there was a 'rearrangement' of who tells who what to do with the running of Harrowgate)
He is after all down 30% less underwriting fees collected, plus funding costs in a market that simply does not like HNZ and it's prospects.
So who has who over a barrel?
I suspect the lock-up buys HNZ and their 'advisors' a bit of time to find a home (acceptable to PGC and HNZ) for the 19m, with some sort of side deal done to 'alleviate' the costs to Tomlinson
So it begs the question, who funded the underwrite ? Hmmm, only need one guess at that - perhaps that secretive slush fund owned by PGC?
As for Kerr/PGC deciding the HNZ's aren't for sale, well surprise surprise, given he's so far out of the money it's become a joke, long at 78, more at 75 and even more again at 65, when at the time of the split-off, everyone was looking up.
Despite this huge overhang of 'reluctant' holders, it's hard to see much further downside, so they will just have to hold the line and wait for the improvements, meantime sweating on unrealised losses
"curiouser and curiouser" said Alice.....
AIMHOO and please do your own research
Not being a follower, not sure if this is covered above:
http://http://www.stuff.co.nz/busine...der-won-t-sell
So George also buying through Torchlight for the past week... 17m shares is not small change.
I'm feeling too small to be playing in the same water as great white sharks....
hmmmm.........so i guess i should prepare for a pathethic offer for Heartland by GK? and then be given a recomendation to sell and buy back later when the SP dives after the T/O offer?
bah.